Indian Billionaire Implores The Country’s Regulators To Ban Bitcoin

News / 23.02.2021

Rakesh Jhunjhunwala, an Indian billionaire investor and partner in the asset management firm, Rare Enterprises, has called on its financial regulators to place a ban on cryptocurrencies, especially bitcoin.

A Speculative Investment

According to a CNBC report on Tuesday, Jhunjhunwala said that crypto trading is the highest form of speculative investment and that he had no intention of joining the trend.

Popularly referred to as “India’s Warren Buffet,” Jhunjhunwala does not hide his dislike for the top cryptocurrency, bitcoin. He even said that he “will never buy bitcoin.”

Despite witnessing bitcoin’s outstanding performance within the past few months and the number of institutional investors and influential personalities it has managed to accumulate, the billionaire investor is still not swayed.

While many popular institutional investors like Elon Musk’s Tesla and the Bank of New York Mellon are adopting bitcoin, Jhunjhunwala shows no sign of ever joining the trend.

He stated clearly that he does not “join every party in town” since, according to him, the “hangover” of joining the bitcoin adoption trend “is much worse.”

Digital Rupee

With his strong conviction that bitcoin and cryptocurrencies, in general, is a bad investment choice, Jhunjhunwala implores India’s financial regulators to help keep bitcoin out while focusing on developing the county’s CBDC, the digital rupee.

He said, “I think regulators should step in and ban bitcoin. And they should focus on the digital rupee.”

The country’s authorities have always been very strict towards cryptocurrencies. India’s central bank, the Reserve Bank of India (RBI), had banned crypto trading in the country in 2018.

This had prompted a majority of crypto businesses to switch to other favorable markets. However, last year, the Supreme Court lifted the ban.

Yet, while crypto exchanges and investors are trying to pick up the pieces from where they had stopped, the country’s regulators have begun making plans to ban all private digital currencies in preparation for the launch of its CBDC.

Mandy Williams joined the crypto space in 2016, and since then she has been learning and writing about cryptocurrencies and blockchain technology.